Easy Millionaire for Teens
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AgeInvestmentAccount Total7.00%Rate of Return
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180
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19$5,000.00$5,000.00Summary:
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20$5,000.00$10,350.00
Step 1: Be a man (or a Woman) - Get and KEEP a job.
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21$5,000.00$16,074.50
Step 2: Don't spend your money. YOU ARE BROKE.
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22$5,000.00$22,199.72
Step 3: Save $5,000 in your first year, even if it means working extra jobs or extra hours.
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23$2,500.00$26,253.70
Step 4: Open an IRA.
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24$2,500.00$30,591.45
Step 5: Buy shares of an Index Fund - not stocks, not fancy mutual funds...an INDEX fund.
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25$2,500.00$35,232.86
Step 6: Repeat steps 3 and 4 until you are 23 years old.
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26$2,500.00$40,199.16
Step 7: Congrats. You have been responsible for 4 years. You may now lower your annual savings/investments to $2,500/yr if you want.
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27$2,500.00$45,513.10
Step 8: Continue until age 65.
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28$2,500.00$51,199.01
Step 9: You are a millionaire.
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29$2,500.00$57,282.94
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30$2,500.00$63,792.75
Noticeable Omissions
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31$2,500.00$70,758.24
Here are some life events that are not included on the Easy Millionaire for Teens path:
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32$2,500.00$78,211.32
1. Borrowing Money to Buy a Car
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33$2,500.00$86,186.11
2. Borrowing Money to Go to College
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34$2,500.00$94,719.14
3. Borrowing Money to Buy Things with Plastic Cards
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35$2,500.00$103,849.48
4. Borrowing Money
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36$2,500.00$113,618.94
5. Quitting Your Job
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37$2,500.00$124,072.27
6. Having Children with People You Didn't Plan to Support
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38$2,500.00$135,257.33
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39$2,500.00$147,225.34
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40$2,500.00$160,031.11
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41$2,500.00$173,733.29
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42$2,500.00$188,394.62
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43$2,500.00$204,082.25
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44$2,500.00$220,868.00
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45$2,500.00$238,828.76
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46$2,500.00$258,046.78
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47$2,500.00$278,610.05
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48$2,500.00$300,612.76
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49$2,500.00$324,155.65
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50$2,500.00$349,346.54
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51$2,500.00$376,300.80
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52$2,500.00$405,141.86
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53$2,500.00$436,001.79
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54$2,500.00$469,021.91
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55$2,500.00$504,353.45
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56$2,500.00$542,158.19
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57$2,500.00$582,609.26
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58$2,500.00$625,891.91
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59$2,500.00$672,204.34
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60$2,500.00$721,758.65
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61$2,500.00$774,781.75
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62$2,500.00$831,516.48
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63$2,500.00$892,222.63
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64$2,500.00$957,178.21
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65$2,500.00$1,026,680.69
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